OPTIMIZING THE NEW CANADIAN EXPERIENCE SHAGUN FLAWSON AGOSH

Transcription

1 X OPTIMIZING THE NEW CANADIAN EXPERIENCE SHAGUN FLAWSON AGOSH

2 Recommendation Part I The TD Chatbot

3 3 Client Spotlight His Story Benjamin is a first generation immigrant from Hyderabad, India. Ben arrived to Toronto with his parents and older brother when he was in grade 5. Ben s grandmother was living in Toronto at the time, and was instrumental in getting the rest of the family set up with a rental apartment nearby her own. Like Joseph, the reason for Ben s move was for a better education. Ben maintained contact with his Grandmother and others within India through WhatsApp. Problems - Benjamin Eric George Age: 18 Occupation: Student at Rotman School of Business Country of Origin: Hyderabad, India INVESTOR PITCH DECK - In India it was difficult to learn about what was different in Canada, culturally Adjusting to those cultural differences upon arrival was even more difficult The economical difference was also evident; moving to Canada meant a bit more of a frugal lifestyle Choosing a bank was a difficult choice; although they had already been set up with Scotiabank, they also have accounts with RBC, TD, and others.

4 Immigration population by country 69% Asia 69% of immigrants originate from Asia India China Philippines India was the leading source country of newcomers to Ontario from 2011 to 2016, accounting for 14.7% of the total, China was the second most country of which newcomers originated from. From 2011 to 2016 they accounted for 12.5% of the total. Philippines was the third most country of which newcomers originated from. From 2011 to 2016 they accounted for 11.3% of the total. A large majority of immigrants come from just 3 Asian countries; India, China, and the Philippines

5 Most Canadians are immigrants Of the population of both Toronto and Vancouver are foreign born. Of the Canadian population are Chinese or Indian. Of children in Canada have an immigrant background. Of the Canadian population are foreign born immigrants. Especially in Canada, immigrants make up a large portion of our population, and the immigrant community is expected to continue expanding. This creates a need for potential immigrants in other countries, and an opportunity for Canadian banks to contribute to the journey of these individuals.

6 TD s current solutions Q: How do I open a bank account? A: Step into an TD branch to get a bank account Q: How much does it cost? A: I am not sure about the cost, step into any TD branch and they can help you there. Q: You can t give me this information over the phone? I don t own a car so it would be more helpful if you could give me more information here. A: I don t know what the new to Canada campaign package is, that s the thing. It is always the best way to go into a bank. Q: Do you know how soon I could get a credit card or debit card in Canada? A: These are all great questions that will be answered if you go to a TD branch. TD Call: To get a better perspective on the process immigrants go through to get information to set up their life in Canada, we called TD as an immigrant who had just moved to Canada. We asked TD the most common questions new immigrants have when moving to Canada. We noticed how little information a phone call to TD gave and the difficulties this may cause for new immigrants in Canada.

7 The TD Chatbot According to a recent report by Grand View Research, the global chatbot market is expected to reach $1.23 billion by 2025, a compounded annual growth rate of 24.3%. Within the global chatbot market, approximately 45% of end users prefer chatbots as the primary mode of communication for customer service inquiries. Chatbots have already begun to make their mark in the Indian banking industry as Kotak Mahindra Bank (Kotak) recently launched Keya - India's first AI-powered voicebot in the banking sector. Based on immigration and social media data, as well as the current trajectory of the chatbot industry, we propose a TD based immigration chatbot. The chatbot would be implemented on the most popular social media platforms including WhatsApp and Wechat, and would be able to have conversations with potential immigrants in their language of choice to answer questions, give advice, or make recommendations. Implementations of cutting edge technologies such as artificial intelligence, machine learning, computer vision, and natural language processing can make huge improvements to chatbots. Technologies such as natural language processing personify the chatbot, as it improves its ability to iterate and comprehend the user s intention more accurately as well as giving an output catered to the user s need.

8 Facebook isn t the go-to Messaging app WhatsApp 1.5 Billion Facebook Messenger 1.3 Billion WeChat 1 Billion Tencent QQ 900 Million Viber 400 Million Skype 300 Million Line 210 Million Telegram 200 Million Chatbots are integrated with messaging app platforms such as Facebook messenger, However most Asian countries like India and China, which is also where most of Canada s immigrant population comes from, uses messaging apps such as WhatsApp and Wechat.

9 Recommendation Part II TD x Ripple

10 Client Spotlight 10 His Story Joseph is a first generation immigrant from Hong Kong who first arrived to North America when he came to America to study university in New York. Only after he completed his studies did he move to Toronto, where he has a family and works in the IT department of BMO. Joseph s parents stayed in Hong Kong during his university years before moving to Toronto with him. Joseph s parents supported his education by sending him money every so often. Problems - Joseph Tong Age: 54 Occupation: I.T manager at BMO Country of Origin: Hong Kong, China INVESTOR PITCH DECK - - Learning American customs and culture was difficult and required an adjustment period. Especially in China, it is difficult to move money overseas even if it is to a relative or citizen of China Even when it was possible, both the governing bodies and banks charged fees for both transfers and for foreign exchange

11 Power Of The Ripple Network A feature of the Chabot is facilitating payments and transfer of funds to Canada. This takes out the need to invest in a different platform for transactions. Chatbots can use different methods of verification for security such as voice recognition. 01 Chatbot is used for facilitating transactions. Ripple network can be used to solve this problem in conjunction with the chatbot to transfer money to Canada from their country of origin with very few costs associated with the transaction or conversion rates without any delay. The cost of one transaction on the Ripple network is about $ USD. xvia is a Ripple API that sends payments internationally and requires no software installation. This can be used to make payments to TD who can then pay for products in Canada once money has been received. 03 Ripple xvia API makes payments to TD easier. 02 Ripple makes transferring money faster and cheaper.

12 Ripple Escrow - A Trustless Virtual Bank Ripple Escrows can be used to hold money in a country without trusting a third party. Escrows can dispense a certain amount of funds after a certain time has passed. Using Ripple Escrows, funds can remain in their home country without a third party having access to the funds. Trust would be enforced in the Escrow using logic.

13 Top countries for overseas transactions CHINA 3.9 B China remains the top country in terms of overseas transactions. Many parents send money from China to support their children s education. INDIA 3.5 B WIth India on the top of the immigration charts, Many people send money overseas to and from Canada. PHILIPPINES 2B Majority of immigrants of China, India, and Philippines report needing to send money home in order to support their families. BRITAIN Britain is the first of the European countries to have sent money overseas; research shows most of these transactions are from the East coast of Canada. FRANCE Majority of French Canadian transfers are sent to and from Quebec.

14 The Ripple Effect Trusted Backed by top angel investors and VCs, Ripples has a virtual currency license and is recognized as an official payment system trusted by the world s biggest banks. Widespread 36,000% INVESTOR PITCH DECK Ripple s value has increased tremendously (36,000%) since its launch in Its Canadian banking partners include CIBC, BMO, and RBC. Was at one point the 2nd largest crypto by market cap and is currently 3rd largest crypto by market cap, behind only Ethereum and Bitcoin Fast Secure and fast, Ripple is the ideal technology to move money overseas and across borders. Immigrants can trust their banks and can send money without the delays of fiat currencies. 14

15 Summary of Recommendation TD Chatbot Create a TD Chatbot that can answer questions, make recommendations, and carry out certain financial tasks, limited only by the programs we create. Can facilitate transactions between parties, bringing banking a platform with billions of untapped users from other countries. Friendly, helpful, and perpetually available for users from any country, speaking any language, without the need to hire many workers. TD x Ripple 01 Use the Ripple Network through the Ripple APIs to do international transactions and make payments fast, cheaper, and securely. 02 Escrow Service will give people a trustless solution to getting money out of their home countries in a legal and secure manner. 03 Adopting Ripple will also put TD on the side of innovation and add TD to the list of Canadian banks who have partnered with Ripple.

16 Next Steps and Potential for Growth 1 3 Creating A Chatbot Exploring Escrow Contracts Chatbot can be created using online services such as Recast and pushed into messaging platforms. A demo of the Chatbot created using Recast can be accessed by clicking here. Ripple documentation on creating Escrows can be found here. A demo of how Ripple can be used to create Escrows and what purpose they function can be accessed here. TD Immigration A Chatbot That Makes Immigrants Feel Welcomed Contacting Ripple Ripple is happy to partner with Banks and bring them to the decentralized world. You can contact their sales team by clicking here. 2 Chatbot Marketing Strategy The biggest challenge with the solution is getting people to use the chatbot. TD would have to look at advertising data on social media to get people on board. 4

17 Who We Are Questions? Contact us! Shagun Maheshwari Flawnson Tong Agosh Saini Linkedin: Shagun Maheshwari Linkedin: Flawnson Tong agosh.saini@gmail.com Linkedin: Agosh Saini X